苹果产业日报-20251110

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core Viewpoints - As of November 5, 2025, the apple cold - storage inventory in major producing areas was 698.42 million tons, 115.02 million tons lower than the same period last year. The current storage progress does not represent the final peak. - The storage capacity ratio in Shandong was 41.03%, a year - on - year decrease of 13.42%, and in Shaanxi it was 56.81%, a year - on - year decrease of 10.77%. The new - season late - maturing Fuji apples in Shandong showed a trend of reduced yield and quality. - Shaanxi's storage is nearing completion, and the storage volume is expected to reach its peak next week. - The current late - Fuji inventory is at a relatively low level in recent years, which is reflected in the market, causing increased price volatility. It is recommended to wait and see in the short term. [2] 3. Summary by Directory Futures Market - The closing price of the main apple futures contract was 9,159 yuan/ton, and the position of the main contract was 142,155 lots, an increase of 11,488 lots. - The net long position of the top 20 futures traders was 6,233 lots, a decrease of 1,097 lots. [2] Spot Market - The spot price of apples in Gansu Jingning (paper - bagged, above 75) was 5 yuan/jin, unchanged; in Shandong Yiyuan (paper - bagged, above 75) it was 2.3 yuan/jin, unchanged; in Shaanxi Luochuan (paper - bagged, above 70 semi - commercial) it was 4.1 yuan/jin, unchanged; in Shandong Yantai Qixia (paper - bagged, above 80 first - grade) it was 3.6 yuan/jin, a decrease of 0.1 yuan/jin. [2] Upstream Situation - The national apple output was 5,128.51 million tons, an increase of 168.34 million tons. - The average wholesale price of apples was 9.46 yuan/kg, a decrease of 0.07 yuan/kg; the average wholesale price of Fuji apples was 9.04 yuan/kg, a decrease of 0.11 yuan/kg. - The total cold - storage inventory of national apples was 698.42 million tons. The storage capacity ratio in Shandong was 0.57, and in Shaanxi it was 0.41. The monthly export volume of apples was 70,000 tons. [2] Industry Situation - The monthly export value of apples was 69.1798 million US dollars, an increase of 24.86845 million US dollars; the monthly import value of fresh and dried fruits and nuts was not provided with a change value. - The profit of first - and second - grade paper - bagged 80 apple storage merchants was 0 yuan/jin. - The average wholesale price of tangerines was 6.08 yuan/kg, a decrease of 0.66 yuan/kg; the wholesale price of bananas was 5.48 yuan/kg, an increase of 0.02 yuan/kg. [2] Downstream Situation - The wholesale price of watermelons was 5.18 yuan/kg. - The average daily early - morning arrival of trucks at the Jiangmen wholesale market in Guangdong was 12.2 vehicles, a decrease of 4 vehicles; at the Xiaqiao wholesale market in Guangdong, it was 17 vehicles, a decrease of 3.6 vehicles; at the Chalong wholesale market in Guangdong, it was 24 vehicles, a decrease of 3.6 vehicles. [2] Option Market - The implied volatility of at - the - money call options for apples was 24.03%, a decrease of 0.1%; the implied volatility of at - the - money put options for apples was 24.03%, a decrease of 0.1%. [2] Industry News - In the Gansu production area, cold - storage apple trading was active, with merchants from Shandong and Shaanxi actively purchasing. The price of stored Fuji apples remained stable and firm. - In the Shaanxi production area, ground trading was ending, and some inventory holders were supplying the market, with a stable market. - In the Yuncheng production area of Shanxi, the trading of paper - laminated apples heated up, with more inquiring and purchasing merchants, and prices showed a firm trend. - In the Shandong production area, fruit farmers were still storing apples, the overall quality of ground supplies declined slightly, small - fruit trading was active, and prices rose significantly. [2]